Ecofin should have mainly Spain on their agenda for today.

The rising interest and debt figures for Spain in this linked report from SFGate originating from Bloomberg are truly and newly frightening.

Ecofin should forget their tinkering with the tiny economies and horrifying debts of Greece and Portugal, they have let matters deteriorate far too far, they are beyond outside help! In Italy the gargantuan ego of Mario Monti makes any sane or sensible outsiders' steps to help that economy an absolute impossibility, so if anything can be done to help the periphary of the euro zone, help should be concntrated towards Spain which has always lived within its EU Treaty obligations and constraints!

Some excerpts from the linked report are quoted below so that the urgency of the coming crisis for Spain may be immediately obvious, even to readers whose income depends upon the, elsewhere obviously, terminally sick EU:

Spain's debt load is set to double from where it was when Europe's sovereign debt crisis began, eroding the economic advantages that distinguished it from the region's periphery and helped shield it from Greek contagion....

Investors give Spain a discount of just 31 basis points on borrowing for a decade compared with what they charge Italy, down from 200 basis points at the end of last year. Spain's 10- year yield is 5.25 percent, up 40 basis points since Feb. 1.

As three-year loans to banks by the European Central Bank underpin demand for government bonds, Spain has raised about 30 percent of its planned bond issuance for 2012, according to UBS AG. Still, the Treasury paid an average of 3.332 percent to sell three-year bonds at its most recent auction on Feb. 16, compared with 2.861 percent two weeks earlier, reflecting the 33 basis- point rise in yields on the existing 2015 bonds.